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Warehouse Group feels the pressure

The directors of The Warehouse Group has advised that its total sales for the two months ended 2 January 2011, were down 2.7 per cent compared to the same period last year.

Ian Morrice, group CEO, said the soft retail trading has been felt widespread, which is evident by the company’s sale results.

“We expected the sector to remain difficult and highly promotionally driven over the course of our 2011 financial year but New Zealand consumers clearly remain even more focused than we predicted on strengthening household balance sheets,” he said.

Same store sales were down 3.8 per cent while Warehouse Stationery sales were flat on last year for the two month trading period with same store sales up 0.7 per cent.

“Whilst apparel, footwear and other seasonal categories traded in line with last year, spending on consumer electronics, gaming, CDs and DVDs was well down,” Morrice said.

The Warehouse Group Limited half year results will be announced on Friday, 11 March 2011. Earnings guidance for the full year will be provided at that time.